Vic.ai Secures $52M in Series C Funding to Expand Suite of AI Enterprise Fintech Offerings
New funding to capitalize on strong company momentum and bring new bill payment and holistic spend intelligence capabilities to market
December 13, 2022
4 min read
NEW YORK, December 13, 2022 –Vic.ai today announced $52 million in Series C funding to expand its artificial intelligence (AI) platform for real-time, autonomous accounting and financial intelligence. This funding round was led by existing investors GGV Capital and ICONIQ Growth with continued participation from Cowboy Ventures and Costanoa Ventures, bringing total capital raised to $115 million. Vic.ai plans to use the new funding to add industry-pioneering modules to its platform in 2023 to help enterprises optimize their finance processes and make more informed data-driven decisions.
Vic.ai’s groundbreaking AI platform has already helped thousands of accounting firms and enterprise companies revolutionize their accounts payable (AP) operations by automating the most manual and inefficient task in accounting: invoice processing. By processing invoices 24/7 with up to 99% accuracy, Vic.ai is boosting customers' total productivity by 500%, as well as providing valuable data insights through its intelligence dashboard.
“Our continued investment reflects our faith in Vic.ai’s unparalleled technology, the significant cost savings it brings to the world’s largest accounting teams, and the founders’ bold vision,” said Will Griffith, founding partner at ICONIQ Growth and Vic.ai board member. “We are thrilled to renew our partnership with Vic.ai, as it continues to disrupt outdated accounting and finance processes to support its customers’ growth.”
In the next phase of its growth, Vic.ai will expand its AI solution to include corporate credit cards, purchase orders, and bill pay, providing a holistic spend intelligence offering that helps customers optimize their non-payroll costs and make more informed spending decisions.The company will also offer new capabilities for secure and optimized payment execution as well as AI-based three-way PO matching in early 2023, with card transactions following later in the year.
Since its last funding round in September 2021, Vic.ai has tripled its headcount to 106 employees across 25 U.S. states and multiple European countries. Its contracted annual recurring revenue has also tripled, and its active user base has increased by 280% compared to last year. The company also expects strong growth in 2023.
“The team at Vic.ai are experienced, repeat founders who are playing the long game in AI,” said Jeff Richards, Managing Partner, GGV Capital. “We first invested with Alex, Kris and the team four years ago, and it’s been amazing to watch the team execute and grow the leading AI platform in the Accounting and Finance category. Vic.ai has some of the happiest customers we’ve ever seen in an enterprise software company, and it shows in the company’s growth. We worked closely with our friends at ICONIQ to proactively offer to co-lead a new round of financing for the company, and are thrilled to see the team execute for many years to come.”
Vic.ai’s new offerings will be the latest in its suite of boundary-pushing features, including Autopilot, Autonomous Approval Flows and Spend Intelligence, which provide the foundation for truly autonomous accounting. The AI prediction accuracies and levels of autonomy reached by Vic.ai derive from the company’s proprietary technology; robust datasets built up over the last six years; and ever-improving algorithms that process tens of millions of invoices every year, creating a positive feedback loop of continuous learning to improve accuracy levels and decision making. As a result, Vic.ai customers can expect a positive ROI within 7 months.
“In today’s economic climate, enterprises must be strategic with every dollar they spend. Vic.ai’s current offerings, including Autopilot and Autonomous Approval Flows, will allow our business to keep growing at a rapid pace without requiring us to grow our workforce at the same pace,” said Conor Clair, Senior Finance Manager of Accounting at Milwaukee Tool. “And with these new intelligent spending tools in development, not only will we be able to have a complete picture of our costs, but we will also benefit from real-time analysis of these transactions as well as advice on how we can optimize. It’s a game changer that will not only help companies outlast the downturn, but also outperform the competition.”
“At Vic.ai, we always knew that successfully automating back-office accounting work was only the beginning of what our AI can do for finance teams,” said Alexander Hagerup, co-founder and CEO of Vic.ai. “We envision a future where AI handles the majority of cost transaction processing, resulting in faster and more accurate month-end closes for our customers. By automating purchasing and beyond, we are excited to offer our customers even greater value across their entire business.”
Vic.ai was launched in 2017 to build fully autonomous AI systems that make finance and accounting teams more efficient, accurate, and intelligent. By handling time-consuming activities like invoice processing, Vic.ai’s solution helps enterprise customers such as HSB Real Estate, Higher Ground, Nordic Choice Hotel, Intercom Inc. and HireQuest, as well as top accounting firms, including PwC, BDO, and Armanino LLP redirect resources toward higher-value functions like spend intelligence, benchmarking and cost optimization.
Vic.ai's success is due in part to its proprietary technology, robust datasets built over the last six years, and its partnerships with other companies and organizations in the AI field. The company's team of experienced founders is dedicated to pushing the boundaries of AI in the accounting and finance industry, and its customers have consistently provided positive feedback about the value and benefits of its platform.
Vic.ai is pioneering the use of autonomy and intelligence to digitally transform accounting and finance processes to improve productivity, decision-making, and ROI. Vic.ai began by revolutionizing invoice processing, the most tedious and time-consuming task in accounting, to help customers save time and money, improving its speed and scalability and ultimately enabling customers to reinvent their accounts payable operations and improve financial management. By processing more than half a billion invoices with up to 99% accuracy, Vic.ai has helped 10,000+ customers achieve nearly $200 million in cost savings and 6 million hours in time savings. Vic.ai is jointly headquartered in New York City and Oslo, Norway. For more information, please visit http://www.vic.ai/.
About GGV Capital
GGV Capital is a global venture capital firm focused on multi-stage, sector-focused investments. Recognizing that the talent to build great companies can come from anywhere, the firm invests in founders building category-leading companies around the world. Founded in 2000 with roots in Singapore and Silicon Valley, GGV has expanded with additional offices in San Francisco, Shanghai, and Beijing. The firm manages $9.2 billion in investments across the United States, Canada, China, Southeast Asia, India, Latin America, and Israel. Over the past two decades, the firm has backed more than 400 companies, including Affirm, Airbnb, Alibaba, BigCommerce, Boss Zhipin, Bowery Farming, Grab, Full Truck Alliance, HashiCorp, Hello, Keep, Kujiale, NIU, Opendoor Technologies, Peloton, Poshmark, Qunar/Ctrip, Slack, Square, StockX, Udaan, Wish, XPeng, Zendesk, and more. More information can be found at www.ggvc.com and @ggvcapital.
About ICONIQ Growth
ICONIQ Growth partners with visionaries defining the future of their industries to transform the world. Our investment platform and unique ecosystem help amplify our portfolio companies’ success from early growth stage to IPO and beyond. Our portfolio includes Adyen, AirBnB, Alibaba, Alteryx, Automattic, BambooHR, Braze, Chime, Collibra, Coupa, Datadog, Docusign, Gitlab, Marqeta, Miro, Procore, Red Ventures, Relativity, ServiceTitan, Snowflake, Sprinklr, Truckstop, Uber, Wolt, and Zoom, among others. Elevated by our global community of founders, pioneers, and leaders, we are entrepreneurs backing entrepreneurs. For more information, please visit ICONIQGrowth.com.